7 Comments
User's avatar
Mark's avatar

Liked this! Gives me more conviction to buy

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HC's avatar

I ran businesses in SEA, especially on Lazada & Shopee and I have to say:

This is pure masterpiece.

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Punch Card Investor's avatar

Too kind - thank you! Would love to connect actually and chat more about your experience as a Shopee/Lazada merchant - do you have an email?

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wu kenneth's avatar

do you think Shopee is better?

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The Curious Mind's avatar

Great work!

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wu kenneth's avatar

May i know the formula in deriving the valuation? (just simply use NTM EBITDA multiples * Adj EBITDA?)

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Punch Card Investor's avatar

Hey Kenneth, yep it's just revenue multiple x NTM revenue since Shopee is valued on revenue mults given lack of profitability

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